Pounds will fall for around 15-20%, a million jobs will be lost and hundred billions of pounds will be lost too.Can someone quickly sum up what this means to someone who has literally no idea? I know as much as someone who'd just fell onto this planet.
On return, you won't have to deal with those fecking immigrants anymore. And won't need to give EU 12b pounds per year (with more than half of it being returned). But if you want to make deals with EU, then you will have to pay them around 8b (using Norway/Switzerland examples) and get nothing in return. And of course, any trade deal with EU enforces the freedom of movement.
Scotland and probably N.Ireland will push for an independence referendum, Spain will want Gibraltar in any trade deal between UK and EU. Most big companies will reallocate their HQs to Frankfurt/Dublin and in a few years, Frankfurt stockexchange will dwarf London's stockexchange.
On long term, I will predict UK to run to EU will tail under its legs, and except all conditions including euro and Schenghen. Of course, by that stage it will be just England (cause Scotland and probably N.Ireland would have gone indie), and its economy would be more comparable with Italy rather than being higher than France's.
It will also have some effect in EU with the euro going down. And of course, a recession of the fifth (or maybe is now already sixth considering the fall of pound) biggest economy in the world will have global consequences and can cause a small global recession.